The Bay Area Transit Board of Directors approved a transit-oriented development in downtown Oakland, at the Lake Merritt BART Station last week. The project is slated to start sometime in 2024.

Strada Investment Group and East Bay Asian Local Development Corp. will develop the project as a joint venture, as first reported by SF YIMBY.

The project is expected to include the redevelopment of the existing structures into a set of mixed-use properties and a large swath of public space. The first phase of the project will contain market-rate apartments.

Thirty-six of the project's 360 apartments will be dedicated to affordable housing, with the remaining units a mixture of studios, one-bedrooms and two-bedroom units. A second structure along the property will contain 97 units of affordable housing for seniors. The public space of the project will include parking for bicycles and cars.

A second phase for the project will include a 19-story office tower with 495K SF capacity, with a seven-story tower next door that is slated to contain 100 units of affordable housing and a daycare facility.